In Colorado, political candidates could soon accept bitcoin or other digital currencies for their campaigns, according to the reports by the Denver Post.
A proposal was made by the Secretary of State, Wayne Williams for allowing donations of cryptocurrencies in political campaigns.
The acceptance of bitcoin as in-kind donations for political campaigns has already been approved by the US Federal Election Commission (FEC). The FEC gives the campaign 10 days to transfer the donated cryptocurrency into their campaign’s official depository.
According to the Denver Post, Colorado is likely to follow the FEC’s designation of cryptocurrency being an in-kind donation, which would return or refund contributions back to the donators if the value of the donated cryptocurrency exceeds the aggregate limit.
Suzanne Staiert, Colorado’s deputy secretary of state said that “It’s going to be an accounting problem, for campaigns who want to use it”. Staiert also added that “FEC is doing it now, so we are going along for the ride”.
Colorado is the second US state, first being New Hampshire allowing the candidates to accept contributions to political campaigns in cryptocurrency.
Earlier this month, coin telegraph reported that in the Colorado state, a piece of state legislation to create guidelines for identifying crypto tokens was voted down.
Also published on Medium.